- Dundee (DC.A) is announcing the proposed sale of Blue Goose subsidiary’s Lambert Creek Organic Meats for C$8 million
- The agreement also includes certain Blue Goose Cattle Company assets
- The proceeds will be used to repay the debt owed to banks and to Dundee itself
- Dundee Corporation is a holding company focused on delivering long-term, sustainable value in the mining sector
- Dundee Corporation (DC.A) is down by 0.64 per cent and is currently trading at $1.56 per share
Dundee (DC.A) is announcing the proposed sale of Blue Goose subsidiary’s Lambert Creek Organic Meats for C$8 million.
The share and asset purchase agreement with an arms-length third party also includes certain Blue Goose Cattle Company assets.
A total of $2 million is to be paid in cash on closing with the remainder due on or before October 31, 2021. This is pursuant to a secured promissory note issued by the purchaser, which bears interest at 6 per cent per year and will increase to 14 per cent if the note is not repaid by November 30, 2021.
The cash proceeds paid at closing will go toward Blue Goose Capital’s existing bank indebtedness.
The proceeds from the promissory note will go toward Blue Goose Capital’s indebtedness owing to Dundee.
The transaction is scheduled to close on or about September 3, 2021.
Jonathan Goodman, President and CEO of Dundee Corporation, commented,
“The proposed sale of LCOM and the BG Cattle Non-Core Assets, combined with the proposed $68 million sale of Blue Goose Capital Corp. announced on August 30, 2021, represents the divestiture of all of BG Cattle’s ranches. We are pleased to be further advancing our strategy of the divestiture of non-core assets and will look to continue the rationalization of our legacy portfolio.”
Dundee Corporation is a holding company focused on delivering long-term, sustainable value in the mining sector.
Dundee Corporation (DC.A) is down by 0.64 per cent and is currently trading at $1.56 per share as of 9:30 am ET.
